# Elsevier

# Economics Letters

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### 1991, Volume 37, Issue 4

**429-432 Rational expectation, firm size, and sample selection bias***by*Gunthorpe, Deborah & Levy, Haim**433-437 Consumption, asset returns and taxes in a nonexpected utility model***by*Prasad, Kislaya**439-445 The decision to go public, accrued capital gains and taxation***by*Konrad, Kai A.**447-452 Monetary policy regime changes and the risk premium in the foreign exchange markets : A GARCH application***by*Choi, Seungmook & Kim, Benjamin J. C.**453-458 Price volatility without news about fundamentals***by*Wei, Shangjin**459-463 Firm size and R & D expenditure : A decomposition analysis for the West German economy***by*Gerhaeusser, Klaus**465-470 Demographic effects on the natural rate of unemployment or baby booms and unemployment***by*Weithers, Timothy M. & Sullivan, Edward J.**471-475 A test for the presence of precautionary saving***by*Kuehlwein, Michael**477-482 Equilibrium urban unemployment in developing countries : Is migration the culprit?***by*Stark, Oded & Ranjan Gupta, Manash & Levhari, David

### 1991, Volume 37, Issue 3

**217-221 Competition, advertising and meeting competition clauses***by*Levy, David T. & Gerlowski, Daniel A.**223-227 Implementing the core of a two-person pure allocation game without free disposal or integer games***by*Grant, Simon & King, Stephen & Peterson, Steven & Polak, Ben**229-233 Threat bargaining problems with correlated beliefs***by*Lahiri, Somdeb**235-242 Boom and bust hypothesis in the colonial Chesapeake economy : Empirical evidence for the period 1676-1713***by*Pereira, Alfredo M.**243-248 Causality between exports and economic growth : Empirical evidence from Africa***by*Ahmad, Jaleel & Kwan, Andy C. C.**249-253 Capital repartriation and the waiting game***by*Laban, Raul**255-263 A rare events model : Monte Carlo results on sample design and large sample guidance***by*Hiemstra, Craig & Kelejian, Harry H.**265-271 A Lagrange multiplier test for GARCH models***by*Lee, John H. H.**273-278 Parametric models for partially adaptive estimation with skewed and leptokurtic residuals***by*McDonald, James B.**279-285 A grouped data semiparametric competing risks model with nonparametric unobserved heterogeneity and mover-stayer structure***by*Moon, Choon-Geol**287-291 Imputing a continuous income variable from a bracketed income variable with special attention to missing observations***by*Stern, Steven**293-298 Estimating the variability of the Stein estimator by bootstrap***by*Yi, Gang**299-304 Comparative advantage and the equilibrium rate of unemployment***by*Hoon, Hian Teck**305-308 Are the GARCH models best in out-of-sample performance?***by*Lee, Keun Yeong**309-314 Difference in earnings structures across local labor markets***by*Schmitz, Susanne & Gabriel, Paul E.**315-321 The relationship between union wage and profitability effects***by*Cable, J. R. & Machin, S. J.**323-329 Tax reporting game under uncertain tax laws and asymmetric information***by*Jung, Woon-Oh**331-332 A limit theorem on the core: addendum II***by*McKenzie, Lionel & Shinotsuka, Tomoichi

### 1991, Volume 37, Issue 2

**105-109 Real interest rates and endogenous growth in a monetary economy***by*Marquis, Milton H. & Reffett, Kevin L.**111-113 All-or-nothing information control***by*Lewis, Tracy R. & Sappington, David E. M.**115-118 The seasonal cycle in U.S. manufacturing***by*Beaulieu, J. Joseph & Miron, Jeffrey A.**119-123 A Bartlett adjustment to the likelihood ratio test for homoskedasticity in the linear model***by*Attfield, C. L. F.**125-128 A standardized test for the error components model with the two-way layout***by*Honda, Yuzo**129-132 The autocorrelation structure for the GARCH-M process***by*Hong, Eun Pyo**133-138 Heteroskedasticity in simultaneous equation systems : An instrumental variable estimator***by*Vijverberg, Wim & Lee, Si-Gyoung**139-143 A new approach for modeling economic count data***by*Winkelmann, Rainer & Zimmermann, Klaus F.**145-149 The iterative law of expectation and non-additive probability measure***by*Yoo, Keuk-Ryoul**151-158 An empirical investigation among real, monetary and financial variables***by*Malliaris, A. G. & Urrutia, Jorge L.**173-177 The effects of exchange rate volatility on exports : Some new estimates***by*Asseery, A. & Peel, D. A.**179-185 The monetary approach to the exchange rate : Long-run relationships and coefficient restrictions***by*MacDonald, Ronald & Taylor, Mark P.**187-191 Incentives for cooperative and non-cooperative R and D in duopoly***by*Marjit, Sugata**193-196 Interactions between the efficiency wage and insider-outsider theories***by*Lindbeck, Assar & Snower, Dennis J.**197-201 Aversion to price variability and the optimal degree of wage indexation***by*Bar-Ilan, Avner & Zanello, Alessandro**203-208 Estimating economies of scale in higher education***by*Getz, Malcolm & Siegfried, John J. & Zhang, Hao**209-213 Spatial pricing policy and the Henry George theorem in an optimally sized market with land rents***by*Hobson, Paul A. R.

### 1991, Volume 37, Issue 1

**1-6 Time inconsistency in time-dependent team games***by*Ambler, Steve & Desruelle, Dominique**7-9 Optimal matching auctions***by*Cabra, Luis M. B.**11-17 Technological breakthroughs and development traps***by*Galor, Oded & Tsiddon, Daniel**19-24 Money and the U.S. business cycle : An analysis using disaggregated industrial production***by*Krol, Robert**25-30 The optimal size of a preliminary test for linear restrictions when estimating the regression scale parameter***by*Giles, Judith A. & Lieberman, Offer**31-34 Testing for skewness of regression disturbances***by*Godfrey, L. G. & Orme, C. D.**35-38 Tests of moment restrictions in parametric duration models***by*Jaggia, Sanjiv**39-44 Missing observations and panel data : A Monte-Carlo analysis***by*Matyas, Laszlo & Lovrics, Laszlo**45-50 Noise in autoregressive time-series***by*Szpiro, George G.**51-55 The influence of elections on federal reserve behavior***by*Allen, Stuart D. & McCrickard, Donald L.**57-60 The profitability of anticipated inflation in banking***by*Bordes, Christian & Goyeau, Daniel & Melitz, Jacques & Sauviat, Alain**61-67 Current account determination with traded capital goods***by*Taylor, Alan M.**69-76 International tax competition and gains from tax harmonization***by*Razin, Assaf & Sadka, Efraim**77-79 Testing for unit roots using panel data : Application to the French stock market efficiency***by*Boumahdi, Rachid & Thomas, Alban**81-89 Capital asset price dynamics: heterogeneity and hysteresis***by*Klein, Martin**91-95 An analysis of racial differences in wage distributions***by*Baldwin, Marjorie & Bishop, John A.**97-103 The union-nonunion wage differential over the business cycle : Evidence from PSID***by*Wunnava, Phanindra V. & Honney, John K.

### 1991, Volume 36, Issue 4

**343-346 Incomplete markets and the suboptimality of rational expectations***by*Benassy, Jean-Pascal**347-354 On the rate of time preference under recursive preferences***by*Hayakawa, Hiroaki**355-359 The existence of aggregate capital when returns to scale are non-constant***by*Lau, Lawrence J.**361-364 Elitist matching and skewness in income distributions***by*Lin, Y. Joseph & Lui, Francis T.**365-369 The bargaining problem without convexity : Extending the egalitarian and Kalai-Smorodinsky solutions***by*Conley, John P. & Wilkie, Simon**371-374 Subject response to loss in an experimental tournament***by*Drago, Robert & Heywood, John S.**375-378 Evolutionary stability in unanimity games with cheap talk***by*Warneryd, Karl**379-384 Measuring persistence in the presence of trend breaks : The case of US GNP***by*Pischke, Jorn-Steffen**385-389 Bounds for the correlations of expected inflation with real and nominal interest rates***by*Diba, Behzad T. & Oh, Seonghwan**391-396 A test for spatial and temporal aggregation***by*Thompson, Gary D.**397-401 The gains-from-trade theorem with variable returns to scale in the presence of intermediate goods***by*Ishikawa, Jota**403-407 Is there a long-run relation between the trade balance and the real effective exchange rate of LDCs?***by*Bahmani-Oskooee, Mohsen**409-412 The hazard rate of new establishments : A first report***by*Audretsch, David B. & Mahmood, Talat**413-417 Heteroskedastic inefficiency in a cost frontier model : An application to nuclear power plant construction costs***by*Robinson, Michael D. & Nixon, Lucia A.**419-423 The decline in private pension coverage in the United States***by*Parsons, Donald O.**425-428 Physician's income and the percent female of the physician's specialty***by*Hampton, Mary B.**429-433 Sensitivity of tests of the PIH to alternative consumption proxies***by*Lage, Maureen J.

### 1991, Volume 36, Issue 3

**227-232 Envy-free and efficient allocations in large public good economies***by*Diamantaras, Dimitrios**233-238 Markets with countably many periods***by*Florenzano, Monique**239-243 Quality as a substitute for quantity : Do more reliable products ever sell for less?***by*Nelson, Julianne**245-251 Costly diagnosis and price dispersion***by*Nitzan, Shmuel & Tzur, Joseph**253-256 A problem in discrete distributive justice***by*Masarani, F. & Gokturk, S. S.**257-261 Obtaining contingent bounds for non-contingent equivalent variations***by*Finkelshtain, Israel & Kella, Offer**263-267 A new characterization of the Groves- Clarke mechanism***by*Sjostrom, Tomas**269-273 Infrequent permanent shocks and the finite-sample performance of unit root tests***by*Balke, Nathan S. & Fomby, Thomas B.**275-279 General linear hypotheses in a two-stage least squares estimation model***by*Hsu, Yu-Sheng**281-284 Resampling methods for tests in regression models with autocorrelated errors***by*Rayner, Robert K.**285-289 A modification of the Schmidt-Phillips unit root test***by*Schmidt, Peter & Lee, Junsoo**291-294 Measuring submarket specialisation by firms***by*Williams, Ross A.**295-298 A differential measure of the real wage index***by*Baye, Michael R. & Black, Dan A.**299-304 Speculative efficiency and risk premium in the market for foreign exchange : In search of the true specification***by*Bandopadhyaya, Arindam**305-309 Aggregate price indexes, cointegration, and tests of the purchasing power parity hypothesis***by*Johnson, Paul A.**311-315 Return intervals, systematic risk estimates and firm size : Empirical evidence from a thin security market***by*Martikainen, Teppo & Perttunen, Jukka**317-322 Valuation effects of Canadian stock split announcements***by*Kryzanowski, Lawrence & Zhang, Hao**323-329 Empirical aspects of self-employment***by*Fujii, Edwin T. & Hawley, Clifford B.**331-336 Compensating wages for long-term job hazards in Canadian industry***by*Meng, Ronald**337-341 An index of relative deprivation***by*Paul, Satya

### 1991, Volume 36, Issue 2

**121-125 Quantity adjustment costs and price stickiness***by*Ginsburgh, Victor & Michel, Philippe & Moes, Philippe**127-132 Adaptive learning and roads to chaos : The case of the cobweb***by*Hommes, Cars H.**133-136 Cournot oligopoly with bargaining***by*Sen, Anindya**137-140 The Nash solution and relevant expansions***by*Anbarci, Nejat**141-146 Strategy subsets closed under rational behavior***by*Basu, Kaushik & Weibull, Jorgen W.**147-151 The value of the option to 'wait and see'***by*Kelly, Morgan**153-157 Stahl's bargaining model***by*Sjostrom, Tomas**159-163 Cash-in-advance or delayed deposits implications for inflation and growth***by*Zeira, Joseph**165-168 Cross-country tests of neoclassical growth models***by*van de Sande Bakhuyzen, Max R.**169-174 Inventory investment in Norway***by*Fukuda, Shin-ichi**175-179 Inappropriate use of seasonal dummies in regression***by*Abeysinghe, Tilak**181-186 GARCH(1, 1) processes are near epoch dependent***by*Hansen, Bruce E.**187-190 Share repurchases, the 'new' view, and the cost of capital***by*Sinn, Hans-Werner**191-195 Updating estimates of male-female salary differentials in the academic labor market***by*Barbezat, Debra A.**197-202 Plant size, tenure, and discrimination in internal labor markets : Evidence on sex differentials***by*Robinson, Michael D. & Wunnava, Phanindra V.**203-208 Union membership, collective bargaining coverage and the trade union mark-up for Britain***by*Blackaby, D. H. & Murphy, P. D. & Sloane, P. J.**209-212 Does advance notice facilitate better job matches?***by*Addison, John T. & Portugal, Pedro**213-218 Job requirements and the recruitment of new employees***by*van Ours, Jan & Ridder, Geert**219-222 Dynamic labor demand with dual labor markets***by*Saint-Paul, Gilles**223-226 City-suburb socioeconomic differences: evidence from the 1940 and 1950 census public use samples***by*Margo, Robert A.

### 1991, Volume 36, Issue 1

**1-3 Oligopolistic competition among groups***by*Corchon, Luis C.**5-8 Who benefits from large rebates: Manufacturer, retailer or consumer?***by*Gerstner, Eitan & Hess, James D.**9-15 Can evolutionary dynamics explain free riding in experiments?***by*Miller, John H. & Andreoni, James**17-20 Resolving open questions on the [lambda]*-envy free criterion***by*Kolpin, Van**21-24 On the rebustness of perfect equilibrium in fixed cost sequential bargaining under an isomorphic transformation***by*Weg, Eythan & Zwick, Rami**25-29 Stable matchings and equilibrium outcomes of the Gale-Shapley's algorithm for the marriage problem***by*Zhou, Lin**31-35 Optimal growth under uncertainty***by*Russell, C. L.**37-41 The power of the Durbin-Watson test when the errors are heteroscedastic***by*Giles, David E. A. & Small, John P.**43-48 Estimation of technical inefficiency in panel data models with firm- and time-specific effects***by*Kumbhakar, Subal C.**49-54 A note on computing r-squared and adjusted r-squared for trending and seasonal data***by*Wooldridge, Jeffrey M.**55-60 A note on the stationarity of the primary commodities relative price index***by*Helg, Rodolfo**61-66 Why did so many savings and loans go bankrupt?***by*Williams, Michael A. & de Silva, Harindra & Koehn, Michael F. & Ornstein, Stanley I.**67-70 The irrelevance of detail in and computable general equilibrium model***by*Fox, Tyler & Fullerton, Don**71-76 Intra-industry trade and protection : Which way does the causation go?***by*Ratnayake, Ravindra & Jayasuriya, Sisira**77-79 Real exchange rates and divisia moments of world trade***by*Manzur, Meher & Dongling, Chen & Clements, Kenneth W.**81-85 Measuring the impact of research and development on technological change : An application of Basmann-Hayes-Slottje's approach***by*Andrikopoulos, Andreas A. & Brox, James A.**87-91 The impact of unionism on fringe benefit coverage***by*Even, William E. & Macpherson, David A.**93-97 Statistical discrimination and competitive signalling***by*Haagsma, Rein**99-103 Expectations on pension schemes under non-stationary conditions***by*Verhoeven, Marijn J. M. & Verbon, Harrie A. A.**105-111 The Lorenz curve and the mobility function***by*Basmann, R. L. & Hayes, K. J. & Slottje, D. J.**113-117 Are unemployment and out of the labor force behaviorally distinct labor force states? : New evidence from the gross change data***by*Tano, Doki K.

### 1991, Volume 35, Issue 4

**349-353 Coincidence probabilities for simple majority and proportional lottery rules***by*Gehrlein, William V.**355-358 Finite complexity and the folk theorem in repeated games***by*Chakrabarti, Subir K.**359-363 Discretion in reporting managerial performance***by*Dye, Ronald A. & Magee, Robert P.**365-371 Optimal inspection interval in a search model***by*Hahm, Sangmoon**373-377 Optimum subsidies for education in two-sector economies***by*Kang, Johan Moonwon**379-383 Psychological features affecting valuation of life***by*Savage, Ian**385-390 Dynamic efficiency of steady-state equilibria in an overlapping-generations model with productive capital***by*Galor, Oded & Ryder, Harl E.**391-395 Impatience, impoverishment and risk***by*Powell, John**397-400 Inflation--unemployment choices in New Zealand and the median voter theorem***by*Smyth, David J. & Woodfield, Alan E.**401-407 The locally unbiased two-sided Durbin--Watson test***by*Grose, Simone D. & King, Maxwell L.**409-413 Are different vintages of data on the components of GDP co-integrated? : Some evidence for the United Kingdom***by*Patterson, K. D. & Heravi, S. M.**415-421 Optimal maturity of nominal government debt : The first tests***by*Calvo, Guillermo A. & Guidotti, Pablo E. & Leiderman, Leonardo**423-428 Distributional considerations of producers' profit in a commodity tax design problem***by*Iwamoto, Yasushi & Konishi, Hideo**429-433 Capital inflows and economic welfare for a small open economy with variable returns to scale***by*Ishikawa, Jota**435-439 Estimates of a traditional aggregate import demand model for five countries***by*Asseery, A. & Peel, D. A.**441-444 The formation of stock return volatility expectations after the 1987 stock market crash***by*Levy, Haim & Yoder, James**445-449 Capital depreciation, shadow prices, and financial asset values***by*Chirinko, Robert S.**451-455 Testing the warrant pricing model***by*Lim, Kian-Guan & Phoon, Kok-Fai**457-460 Using an upper bound on stand-alone cost in tests of cross subsidy***by*Palmer, Karen**461-464 Involuntary part-time employment : Cyclical behavior and trend over 1968-1987***by*Ratti, Ronald A.**465-468 An inequality interpretation of the degree of dependence among inputs, outputs, and consumer goods***by*Theil, Henri

### 1991, Volume 35, Issue 3

**233-237 Hypergraph conflict analysis***by*van Gastel, M. A. J. J. & Paelinck, J. H. P.**239-242 The value of public information in majority decisions***by*Gersbach, Hans**243-248 Protecting the winner : Second-price versus oral auctions***by*Engelbrecht-Wiggans, Richard & Kahn, Charles M.**249-252 Asymmetric bidding in second-price, common-value auctions***by*Harstad, Ronald M.**253-256 On the theory of repeated games with private information : Part I: anti-folk theorem without communication***by*Matsushima, Hitoshi**257-261 On the theory of repeated games with private information : Part II: revelation through communication***by*Matsushima, Hitoshi**263-266 The disparity between willingness to pay and compensation demanded : Another look at laboratory evidence***by*Singh, Harinder**267-271 Communication and superior cooperation in two-player normal form games***by*Watson, Joel**273-277 Unit roots and seasonal unit roots in macroeconomic time series : Canadian evidence***by*Lee, Hahn Shik & Siklos, Pierre L.**279-284 Identifying and estimating efficient markets models with contemporaneous instruments***by*Ambler, Steve**285-290 Over-rejections in rational expectations models : A non-parametric approach to the Mankiw-Shapiro problem***by*Campbell, Bryan & Dufour, Jean-Marie**291-295 Extensions of the Hansen-Sargent prediction formulas to sampled and aggregated data***by*Kasa, Kenneth**301-305 Economic determinants of trading volume in futures markets***by*Malliaris, A. G. & Urrutia, Jorge L.**307-310 The relationship between on-budget and off-budget government***by*Joulfaian, David & Marlow, Michael L.**311-315 Testing the endogeneity of tariff policy in the U.S. : Further evidence***by*Bohara, Alok K. & Kaempfer, William H.**317-322 Some evidence on the efficiency of the sterling-dollar and sterling-franc forward exchange rates in the interwar period***by*Byers, J. D. & Peel, D. A.**323-326 Innovation, firm size and corporate finance : An initial inquiry***by*Acs, Zoltan J. & Isberg, Steven C.**327-332 Taxable and tax-exempt interest rates : The link with inflation***by*Hein, Scott E. & Mercer, Jeffrey M.**333-338 The impact of asymmetric information on entry deterrence: An example***by*Mailath, George J.**339-342 Are new firms an important source of innovation? : Evidence from the PC software industry***by*Prusa, Thomas J. & Schmitz, James Jr.**343-348 Labor force participation in an LDC***by*Canlas, Dante B.

### 1991, Volume 35, Issue 2

**117-122 Bubbles and inefficiencies***by*Bertocchi, Graziella**123-129 On the specification of accelerator coefficients in dynamic factor demand models***by*Prucha, Ingmar R. & Ishaq Nadiri, M.**131-136 Government purchases and real interest rates with endogenous time preference***by*Devereux, Michael B.**137-141 Human capital investment in wealth-constrained families with two-sided altruism***by*Rangazas, Peter**143-147 The important econometric features of a linear regression model with cross-correlated random coefficients***by*Conway, Karen Smith & Kniesner, Thomas J.**149-153 Artificial regressions and C ([alpha]) tests***by*Davidson, Russell & MacKinnon, James G.**155-160 On the power of Dickey-Fuller tests against fractional alternatives***by*Diebold, Francis X. & Rudebusch, Glenn D.**161-165 Instrument choice and tests for a unit root***by*Hall, Alastair & Hassett, Kevin**167-171 Efficiency bound calculations for a time series model, with conditional heteroskedasticity***by*Heaton, John C. & Ogaki, Masao**173-177 On BLU-estimation with data of different periodicity***by*Lucke, Bernd**179-185 Generalized instrumental variables estimation of autoregressive conditional heteroskedastic models***by*Rich, Robert W. & Raymond, Jennie & Butler, J. S.**187-191 On Wiener-Granger causality, information and canonical correlation***by*Otter, Pieter W.**193-199 Simple rules to order irreversible income alternatives sequentially***by*Olsen, Trond E. & Stensland, Gunnar**201-207 The Marshall-Lerner condition reconsidered***by*Ide, Toyonari & Takayama, Akira**209-214 On the instability of financial patterns of failed firms and the predictability of corporate failure***by*Martikainen, Teppo & Ankelo, Timo**215-219 Debt-equity choice under asymmetric information and taxes***by*Kale, Jayant R. & Noe, Thomas H.**221-226 The predictive power of January returns in foreign and domestic markets***by*Chang, Eric C. & Pinegar, J. Michael**227-231 Market structure and the empirical specification of profit margins***by*Conyon, M. & Machin, S.

### 1991, Volume 35, Issue 1

**1-4 Finitely optimal allocation in countably large-square exchange economies***by*Laine, Jean